The new, generic version will be called Insulin Lispro and will have a list price 50% lower than the company's Humalog list price.

Insulin Lispro vial: $137.35

Humalog vial: $274.70

Insulin Lispro will also be available in a five-pack pen option for $265.20.

Insulin Lispro will have the same molecule as Humalog, according to Lilly, meaning the product will be identical except for the label.

While this change is a step in the right direction, all of us in the health care community must do more to fix the problem of high out-of-pocket costs for Americans living with chronic conditions. We hope our announcement is a catalyst for positive change across the U.S. health care system. -David A. Ricks, Lilly's chairman and CEO

Lilly said vials and pens of the lower-priced insulin have already been manufactured and the company will work to make the products available in pharmacies as quickly as possible.